Ablakwa Organises Demo over SSNIT Hotels Divestiture

The Member of Parliament for North Tongu Constituency, Samuel Okudzeto Ablakwa has planned a protest against the Social Security and National Insurance Trust (SSNIT)’s decision to divest 60% of its stake in four hotels in its investment portfolio to Rock City Hotel, a business owned by current Minister for Food and Agriculture, Hon. Bryan Acheampong.

The lawmaker has already notified the Accra Regional Police Command about the protest which is slated for June 18, 2024 at 9am.

Per the notification, protestors will converge at the Labadi Beach Hotel and with a procession, match through La Palm Royal Beach Hotel and then to the Jubilee House where they would present a petition to President Nana Addo Dankwa Akufo-Addo.

Ablakwa faults the transaction between SSNIT and Bryan Acheampong as scandalous and unpatriotic as according to him, it’s being done under conflict of interest, opaque, abuse of power and unethical circumstances.

In a series of revelations, the legislator announced SEM Capital, the Transaction Advisor of SSNIT in the sale is being paid US$491,986.00.

“As you are aware, it has been a week since I drew the nation’s attention to scandalous and unpatriotic efforts to sell SSNIT’s hotels to Rock City. I promptly filed a complaint at the Commission on Human Rights and Administrative Justice (CHRAJ) on Friday, May 17, 2024.

“Regrettably, despite the national outrage, unambiguous demands from Organized Labour and Civil Society Organizations that the sale be stopped, the Akufo-Addo/Bawumia government has refused to listen to the overwhelming majority of Ghanaians who have loudly condemned this sale,” a part of his press notice said.

Falling on precedents, it is unlikely the police will allow the Jubilee House as the protest endpoint, as they have compelled numerous protest organizers in the past to change routes, characterising it as a security zone.

Meanwhile, according to SSNIT, the decision to divest 60% stake each in Labadi Beach Hotel, La Palm Royal Beach Resort, Ridge Royal Hotel and Elmina Beach Resort is aimed at raising capital to invest and manage the hotels for efficiency, profitability and long-term sustainability of the SSNIT Pension Scheme.